Government & Corporate Bond Funds

Nations Master Investment Trust
Nations High Yield Bond Master Portfolio
Statement of net assets (continued) September 30, 2002 (unaudited)
Value Value
Shares (000) (000)
Telecommunications services — 0.1% Total investments
13,100 Rural Cellular Corporation, Series B‡(d) ** $ 236 (Cost $502,637*) ************* 113.7% $437,555
Total preferred stocks Other assets and
(Cost $5,012)*********************** 4,283 liabilities ******************* (13.7)%
Dividends receivable ******************* $ 49
Interest receivable *********************
Unrealized depreciation on forward foreign
9,117
1,145
1,944
5,803
1,663
7,783
Warrants — 0.0%+
COLO.COM
Expire 03/15/10‡°(f) *****************
Genesis Health Ventures
Expire 10/01/02‡(g) *****************
Harborside Healthcare Corporation
Expire 08/01/09‡(g) *****************
ICO Global Communications
Expire 05/16/06‡(g) *****************
Loral Space & Communications
0++
0++
3
0++
exchange contracts ******************
Collateral on securities loaned ***********
Investment advisory fee payable *********
Administration fee payable**************
Due to custodian **********************
Payable for investment securities purchased
Accrued Trustees’ fees and expenses *****
Accrued expenses and other liabilities ****
Total other assets and
liabilities (net) *********************
(2)
(60,621)
(176)
(16)
(193)
(825)
(34)
(51)
(52,752)
Expire 01/15/07‡(g) ***************** 0++
1,365 Ono Finance plc
Net assets ******************** 100.0% $384,803
Expire 03/16/11‡°(g)***************** 0++
180 UbiquiTel Inc.
Expire 04/15/10‡°(g)***************** 0++ * Federal Income Tax Information: Net unrealized depreciation of
60,280 Ziff Davis Holdings Inc.
$65,082 on investment securities was comprised of gross
Expire 08/12/12‡°(g)***************** 1
appreciation of $8,375 and depreciation of $73,457 for federal
Total warrants
(Cost $236) ************************ 4
income tax purposes. At September 30, 2002, the aggregate cost
for federal income tax purposes was $502,637.
** Variable rate note. The interest rate shown reflects the rate in effect
Shares
at September 30, 2002.
(000) *** Zero coupon security. The rate shown reflects the yield to maturity
at September 30, 2002.
Investment companies — 24.2%
(Cost $93,018)
‡ Non-income producing security.
93,018 Nations Cash Reserves, Capital
° Security exempt from registration under Rule 144A of the Securities
Class Shares# ********************** 93,018
See notes to financial statements.
Act of 1933, as amended. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers.
+ Amount represents less than 0.1%.
++ Amount represents less than $500.
# Money market mutual fund registered under the Investment
Company Act of 1940, as amended, and sub-advised by Banc of
America Capital Management, LLC. A portion of this amount
represents cash collateral received from securities lending activity
(see Note 8). The portion that represents cash collateral is $60,621.
(a) All or a portion of security was on loan at September 30, 2002. The
aggregate cost and market value of securities on loan at
September 30, 2002, is $68,465 and $55,813, respectively.
(b) Issue in default.
(c) Issuer in bankruptcy.
(d) PIK (‘‘Payment In Kind’’). Interest or dividend payment is made with
additional securities.
(e) Principal amount denominated in Euro.
(f) Fair valued security.
(g) Restricted security.
(h) Loan participation agreement.
ABBREVIATIONS:
MTN — Medium Term Note
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